In general there is no Tennessee employment law requiring an employer to offer a severance package. However, employers are often willing to offer severance packages to long term employees in an effort to ensure any potential legal or employment disputes have been resolved. These packages can be tricky to negotiate. Recently, one of our Nashville employment lawyers gave some good tips on negotiating these packages. You can watch the interview below:
Sometimes employees and employers terminate their work agreement. This can be for a variety of reasons, not just for a job that was poorly performed. If you or someone you know finds that you are in a situation where you are asked to part ways with your employer, there are important things you should know and consider when negotiating severance Packages with the business or your employer. Negotiating severance packages can be difficult and if you find that you have questions or need help, it is important that you talk to a Tennessee severance negotiation lawyer immediately. They will hear your case and help answer any questions you have to help make sure you get the pay you deserve for your situation.
The first factor that you should consider when negotiating you severance package is that not all pay is just monetary. Benefits such as medical insurance, life insurance, bonuses you may have been up for, and unused vacation and sick days may also be up for negotiation. You should also consider negotiating to get packages such as pension, 401K, and stock options vested. If it is stock options, you typically will have ninety days to use them and you may be able to negotiating an extension to this.
Another factor to consider when negotiating severance packages is to avoid non-competes and waivers. Non compete agreements will lower the amount of companies you are allowed to work for in the future which is not good if you are laid off or lose your job. If you sign a waiver, you are giving up your legal rights to take action against the company if you were fired due to discrimination. The final and perhaps the most important factor to consider when negotiating severance packages is to have a Tennessee employment severance package negotiation attorney help you with the process. They can help you to understand the documents you may be asked to sign. They can also make you aware of your legal rights and options when handling negotiations and help you to negotiate the best severance package for your needs.
If you or someone you know finds that you are in a situation where you are asked to part ways with your employer, there are important things you should know and consider when negotiating severance Packages with the business or your employer. Negotiating severance packages can be difficult and if you find that you have questions or need help, it is recommended that you speak to a Tennessee employment severance package lawyer right away. In negotiating these agreements there are a few key points to focus upon.
The first question you should ask about severance page if you are a Tennessee employee is whether or not you will be entitled to severance pay if you are laid off or terminated from your employment. Companies and businesses are not required by law to provide severance pay but your employer may offer it in order to build a good relationship with employees and also as a way to continue that good relationship if an employee gets laid off. Finally, a company may also offer a severance package as a way to negotiate that you give up your legal rights. If you are terminated because of misconduct, you will more than likely not receive severance pay unless you are legally entitled to because your employee contract states that you receive it, it is a part of the company’s policy, or your company had a massive layoff without sixty days notice.
Another question to ask about severance pay is how the pay is determined. Some companies use a specific formula for figuring severance pay. However, if your company or business does not some general factors that go into the calculation include: number of years you have been with the company, your job position within the company, the company’s size, and whether severance pay was included in your employment contract. The final question you should ask about severance pay is whether or not all the severance is monetary. Other severance pay could include items such as: health insurance, life insurance, bonuses, and sick or personal days that were unused.